How to Pick the Right Location for Your Next Practice

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“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Well, you certainly picked a good career. If your spouse is a funeral director, you’ve got both bases covered.

You want to grow your practice. You may be considering opening and staffing an additional office in your market. You may be planning on collaborating with some financial advisors and looking for the right geography. Where do you start?

Many people think they have all the answers. Certain areas are rich; others are not. Unfortunately, your information may be dated or based on anecdotal evidence. You need hard facts.

One resource you can tap is the extensive research done every 10 years when the government gathers census data. Let’s consider five scenarios using the “QuickFacts” tool on the US Census website.

Scenario One
Wealth complicates taxes. Your new office should be established in a wealthy suburb. You’ve got the city center covered. Let’s assume your market is Phoenix, Arizona. Here is a list of eight cities in that market (including Phoenix) and their median household incomes.

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About Bryce Sanders

Bryce Sanders

Bryce Sanders is president of Perceptive Business Solutions Inc. in New Hope, Pennsylvania. He provides high-net-worth client acquisition training for the financial services industry. His book, Captivating the Wealthy Investor, can be found on Amazon.com.

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By jhanson
May 10th 2016 17:34

Marana is a suburb of Tucson, not Phoenix. Big difference

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to jhanson
May 13th 2016 16:53

Thanks for your reply, jhanson. We have taken out Marana from the article. We appreciate you letting us know.

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to jhanson
May 13th 2016 16:54

First, thanks for reading my article. Second, thanks for pointing this out. Marana is absolutely far closer to Tucson than Phoenix. It should not have been included on the list of towns near Phoenix and is being removed from the list of towns within a short driving distance. I appreciate the correction.

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